In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various
Question:
In 2021, Henry Jones (Social Security number 123-45-6789) works as a freelance driver, finding customers using various platforms like Uber and Grubhub. He is single and has no other sources of income. In 2021, Henry’s qualified business income from driving is $61,200.
a. Compute Henry’s QBI deduction and his tax liability for 2021.
b. Complete Henry’s 2021 Form 8995 (Qualified Business Income Deduction Simplified Computation).
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a 9730 For 2021 Henrys initial QBI amount is 12240 20 QBI of 61200 However he must apply the modifie...View the full answer
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Related Book For 
South Western Federal Taxation 2023 Comprehensive Volume
ISBN: 9780357719688
46th Edition
Authors: Annette Nellen, Andrew D. Cuccia, Mark Persellin, James C. Young
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